Abstract This study aims to demonstrate that technological innovation in tourism represents a paradigm shift in law and is also changing the competition between tourist destinations. Technological innovation in the tourism sector is increasing the volume of data processing and calls for greater and more consistent (detailed) legal protection to combat dangers to private life, such as exclusion from ‘digital life’. The topics covered by the study include data processing in hospitality contracts, the enrichment of guest profiles, newsletter marketing, guest passes or discount cards in travel package contracts, and the question of whether data processing is necessary for fulfilling smart tourism contracts. The theoretical framework is based on contract and data protection law principles relating to purpose, data avoidance and transparency, the privacy rule by design and by default. The methodological approach is based on a careful balancing and weighing of the legal goods and values, and an assessment of the normative parameters. This research is responding to the need to develop appropriate policies on transformative innovations and is addressing different concerns relating to the adoption and diffusion of technological trends in tourism.
Riya Kakkar, Rajesh Gupta, Sudeep Tanwar, Joel J. P. C. Rodrigues
This article proposes a blockchain and coalition game theory-based secure and reliable optimal data pricing scheme for ride sharing. It mainly focuses on securing data sharing between vehicle owners and customers. It employs beyond fifth-generation (5G) as a communication network that facilitates vehicle owners and customers with low latency, high throughput, and high availability for communication. We also formulate a coalition game-theory approach to optimize the payoff of vehicle owners and customers by forming coalitions. The performance of the proposed system beyond 5G is estimated by comparing it with 5G and LTE-A networks. The various performance parameters considered are network latency, throughput, and profit for vehicle owners. The performance results show that the proposed system is efficient and beneficial for both vehicle owners and customers in terms of low latency, high throughput, and profit.
Linchao Zhang, Lei Hang, Wenquan Jin, Do‐Hyeun Kim
The tourism industry can significantly benefit from the blockchain since its implementation can build trust among stakeholders and improve customer satisfaction. However, most of the existing tourism-specified blockchain platforms are single-chains that provide business support for enterprises without guaranteeing transaction information privacy. Besides, these platforms are specified to a single use case and lack interoperability with other platforms to support heterogenous tourism services. This paper aims to address this issue by introducing a multi-chain architecture that utilizes multiple blockchains to enhance processing capability and provide various business services for the tourism industry. The proposed multi-chain architecture improves the interoperability between the activities in different chains by providing functional requirements in practical applications and supports the inter-ledger application. In addition, the private blockchain will be made available to allow users to access the network through central authorization. It also increases the transaction processing capability by distributing multiple tasks across the chains for large-scale applications. To demonstrate the usability and efficiency of the developed approach, a case study on hotel booking is conducted using the blockchain frameworks Winding Tree and Hyperledger Fabric. A comprehensive evaluation experiment is conducted, and the results show the significance of the proposed system.
The digital economy and Distributed Ledger Technology (DLT) are developing rapidly into our business and private life. The technology enables a way to secure decentralized datasets without involvement of third parties or intermediates in a secure, auditable and incorruptible way. Storing data on worldwide peer-to-peer networks makes these applications difficult to regulate as they are not residing in a specific area of influence of any given regulation or jurisdiction. Blockchain applications based on DLT offer an extensive level of anonymity to their stakeholders. In future artificial intelligence could start to optimize the applications and trigger decisions automatically which will become a major challenge for competition and anti-trust regulators. Based on the Bitcoin technology we will see that there are fair possibilities to regulate the ledgers indirectly through existing legal and regulatory systems. Also, strong self-regulation will play a part to make these technologies widely acceptable. Capacity building has to be emphasized to keep the asymmetry of information between regulators, industry and consumer as small as possible. Some scholars already claim that blockchains have already started to create a supranational economy in which the classical idea of a legal person is obsolete whereas the supranational law is not really designed to address these new developments yet.
Today’s cities face numerous challenges due to climate change and urbanization. The concept of a smart city aims to help cities to address these challenges by adapting modern information and communication technology. Smart mobility and transportation form one important aspect of smart cities. Inefficient mobility in cities can lead to problems such as traffic congestion, which results in frustration for residents and a decrease in the quality of life. Against the backdrop of global warming, cities also strive to reduce CO2 emissions, an attempt which requires sustainable and novel mobility concepts. Blockchain is a current technology, said to have huge potential, that is being investigated for application in many facets of smart cities. In the context of smart mobility, blockchain can be used for transactions relating to ridesharing and electric charging, handling of interactions of platoon members, or serving as a foundation for communication between vehicles. Although initial research about this topic exists, it is distributed among different use-cases and applications. This article conducts a systematic literature review to analyze blockchain’s role in mobility and transportation in smart cities, and its potential to increase efficiency in these areas. With this review, we aim to consolidate and summarize the current knowledge about this topic. As a first result, we present the findings from our literature review, which can be divided into five categories of use-cases. We also present a platform for further research about this emerging topic by identifying promising future research avenues. For this purpose, we derive a future research agenda based on our findings.
Non-Fungible Tokens (NFTs) have garnered remarkable investor attention recently, with some NFTs securing selling prices that may have seemed unthinkable for a non-fungible virtual asset. This raises fascinating questions about “value” and “scarcity” with respect to blockchain technology, through a prism of non-fungibility of a digital asset, and this paper aims to draw attention to these questions insofar as they may shape an alternative space of blockchain development and exchange going forward. We find that NFT submarkets are cointegrated and feature various causal short-run connections between them. The success or adoption of younger NFT projects is influenced by that of more established markets. At the same time, the success of newer markets has an impact on the more established projects. The results contribute to the overall understanding of the NFT phenomenon and suggest that NFT markets are immature or even inefficient. This article will tackle these questions from a UK perspective, specifically looking at cases from England and Wales and Scotland, while also covering a few relevant CJEU decisions. This is a relatively recent technology, which will require a lengthier technical explanation to analyse the legal issues that are raised. In some instances, the public perception will be dealt with as well, as it has become evident that there is considerable misunderstanding not only about what an NFT really is, but about the ownership and copyright issues that surround the technology. While NFTs are not entirely related to copyright, and in some way they’re trying to bypass legal transactions in favour of technical solutions, this paper will concentrate on the copyright questions, but it will also tackle some of the emerging issues about the technology. A quick note about balance. This work will take a generally neutral approach to the study of NFTs, but this is a subject that is not devoid of controversy. There have been concerns raised about the viability of this model from various perspectives, but it is not the remit of the work to tackle these, and the approach will be to view non-fungible tokens at face value. The concerns range from the environmental cost of running blockchain technology,9 to the use of tokens for money laundering,10 to the existence of often crippling transaction fees that could make it difficult for artists to profit from their work.11 It is important to highlight these here, although they will not be the subject of further analysis.
Purpose Blockchain and distributed ledger technologies are set to disrupt the real estate sector in all areas: ownership, sale, management and investment. Tokenization moves physical real estate to the digital space and could result in substantial cost savings in the pre- and post-tokenization process. This article discusses whether real estate as an asset class is ready for digitalization in the Asia-Pacific (APAC) region. Design/methodology/approach Globally, the APAC region has the highest digital adaptation/adoption rates. Regulators in the region are also moving fast to clarify their stance on digital assets. This article adopts a holistic view, from trends, regulations, and technology, to discuss the benefits and challenges of digitalizing real estate in APAC. Findings Real estate tokenization is a nascent market but platforms like BrickX, KASA, ADDX, and Minterest have successfully launched real estate tokens in Australia, South Korea, and Singapore, respectively. Tokenization may prove to be a viable funding source for those relatively poorly capitalized financial markets in the APAC region. Practical implications This paper discusses the current regulatory and business contexts in relation to the pace of tokenization of real estate in APAC. Opportunities and difficulties are outlined in a concise manner to facilitate more discussion in this area. Originality/value Existing reports and research articles tend to focus on the western markets. This article provides a new perspective on tokenization, specifically in the APAC context.
For a very long period of time, financial inclusion researchers have been addressing the barriers that prevent unprivileged people from accessing and using financial services. Financial exclusion is an underlying social problem that dates from the creation of the first financial system. Without the access to the banking and financial infrastructures, the unbanked are perpetuating a vicious cycle of poverty. Blockchain is leading this transformation of allowing unbanked and underbanked people to have access and interact with the finance industry. The promise of a digital economy is starting to take shape, as financial technology (FinTech) companies are evolving the concept of democratization of access. Decentralized finance (DeFi) is expanding the possibilities of financial technology by creating an ecosystem based on transparency, accessibility, and efficiency. We are witnessing a paradigm shift for most of the financial services which are remodeling the accessibility and usability of these services, addressing the excluded and underserved population.
With the rapid development of the transportation industry, Intelligent Transportation System (ITS) tries to adapt to industry changes through constructing new organizational forms, management methods, and incentive mechanisms. However, many new governance issues have arisen due to the transportation system’s complexity, diversity, and uncertainty. DAO(Decentralized autonomous organization) enabled by blockchain and smart contracts are regarded as effective methods to solve the organizational governance problems for complex systems. Therefore, this article analyzes the main issues currently faced by ITS. Then, this paper proposed a 6-layer DAO structure framework for ITS and discussed its key research issues. Finally, a case study for the Macau transportation system is carried out, and further research directions are proposed. The DAO-based transportation system will represent the future trend of ITS development. This paper aims to motivate more discussion for this new direction and provide helpful guidance and reference for future research work.
Smart contracts are a key component of today’s blockchains. They are critical in controlling decentralized autonomous organizations (DAO). However, smart contracts are not yet legally binding nor enforceable; this makes it difficult for businesses to adopt the DAO paradigm. Therefore, this study reviews existing Smart Contract Languages (SCL) and identifies properties that are critical to any future SCL for drafting legally binding contracts. This is achieved by conducting a Systematic Literature Review (SLR) of white- and grey literature published between 2015 and 2019. Using the SLR methodology, 45 Selected and 28 Supporting Studies detailing 45 state-of-the-art SCLs are selected. Finally, 10 SCL properties that enable legally compliant DAOs are discovered, and specifications for developing SCLs are explored.
Blockchain1 is a technology that, similar to the World Wide Web (i.e., the Internet), was born by a desire to transact more freely, with less or no reliance on the State or third parties acting as intermediaries.2 Initially used in relation to Bitcoin,3 blockchain’s practical application has expanded significantly, and appears to be moving into the mainstream.4 Blockchain is believed to eventually become ubiquitous,5 particularly in light of the evolution of Artificial Intelligence, the Internet of Things, the ever growing importance of data, the need for secure storage, management and processing of large datasets, and the meteoric rise in the development and use of all things digital. It is against this background that the European Commission (the ‘Commission’) has launched a programme for the financing of blockchain-related projects.6 But what is blockchain, really? A blockchain is a type of distributed ledger technology (‘DLT’) that employs cryptography, mathematics, and algorithms to record and synchronise data in ‘chains of blocks’.7 Put simply, a blockchain is a database (or ledger), in which data are stored, shared, and synchronised across a distributed network of multiple nodes or computers,8 enabling parties that do not otherwise trust each other to transact on a peer-to-peer basis.
Digital transformation of Collaborative Enterprise (CE), both in terms of planning and implementation, relies on new business models and innovative technologies. One of such technologies is Distributed Ledger Technology (DLT) which deploys a decentralised approach requiring no need for intermediaries, thereby facilitating decentralised enterprise operations. Accordingly, this article provides a systematic review and theoretical background of the current state and applications of DLTs within CEs by exploring how this disruptive technology can digitally transform CE practices. Grounded on the review of existing literature, a comprehensive characteristics, application, governance, stakeholders, and emerging security threats faced during DLT adoption and mitigation strategies are presented. More importantly, a model is proposed based on the factors that inhibit DLT adoption in CE. Findings from this study provide implications to support smart digital transition in CE for smart enterprise operations.
This study explores the factors affecting the probability of success of initial coin offerings (ICOs) with a specific focus on the tourism industry. ICOs emerged as a financial technology (FinTech) development and use blockchain technology. As a novel form of crowdfunding, ICOs are public offerings that can be used to raise capital for entrepreneurs and also have the potential to be a new financing method for tourism ventures with financing challenges. Although ICOs can represent a very substantial alternative financing method for today’s innovative business models, the phenomenon seems to be poorly understood. With this in mind, this study highlights the importance of blockchain technology and thus ICOs as an alternative financing tool for the tourism industry. In this context, 49 ICOs that ended between 05 July 2017 and 27 January 2021 were analysed by applying the logistic regression analysis method. The results show that the most essential signals of the probability of success of a tourism ICO are human capital, duration, acceptance of Bitcoin as the most popular cryptocurrency, and bonuses offered as an incentive instrument. The findings have useful practical implications for the determinants of ICOs’ success for both tourism entrepreneurs and contributors of tourism ICOs.
In recent years, fake news has begun spreading rapidly via social media platforms. Several companies and civil organizations have set up crowdsourcing platforms to combat the spread of fake news. However, these platforms usually encounter the problem of insufficient manpower. Research has proven that gamification is an effective way to increase public participation in crowdsourcing. Based on this, this study proposes a fake news checking platform named "One For All" comprising smart contracts combined with game crowdsourcing. We added the core drives of Octalysis in gamification during platform design and executed the platform rules using smart contracts to ensure transparency and fairness of the platform. This is expected to increase the public's intention to use the platform and their trust in it.
Blockchain is often presented in the tourism industry as being a technology in a global approach that will enable the sector to make its digital transformation and bring a whole series of advantages, both financial and logistical. The reality is different, however. Indeed, research on Blockchain tends to focus on essentially technical aspects and takes little account of the customer experience in the sector in which it will be integrated. The aim of this exploratory research, based on 18 semi-directive interviews, is to understand the sociological obstacles to the adoption of Blockchain by tourism professionals in Switzerland. Our generalized findings are presented in the form of four research proposals that argue that, without the intervention of the State, it is hard to see how such disruptive innovation can radically change the highly fragmented tourism sector.JEL Codes: O33, O35
The collaborative economy (CE) involves an intensification of peer-to-peer commerce either directly or through the presence of an intermediary. Collaborative online exchanges are supported by digital processes that involve increased use of new technologies. As an intrinsically connected economy, the EC is therefore inclined to integrate the most recent technological advances, in particular smart contracts. In a recent article, Ertz and Boily raised that this technology can have important impacts for the development of the CE the intensification of exchanges between peers. This chapter consists of a conceptual review analyzing how the CE connects to smart contract technology by observing in particular the motivations of users on digital sharing platforms. The chapter also presents the organizational and managerial implications associated with the implementation of smart contracts in terms of governance, transaction costs, and user trust on collaborative online platforms. A comparison with conventional contracts is also initiated.
P2P(Peer to Peer) lending is the process of extending credit to unknown individuals through digital platforms. Trust is an imperative component for P2P lending. Blockchain and smart contracts have the potential to accelerate the growth of Peer-to-Peer lending as trust-inducement and decentralization are the two prominent features of blockchain. Lending on social platform is particularly unsecured because they are not backed up by collateral. In this paper, a token generation mechanism is proposed in lieu of the submission of digital assets and virtual currency as collateral. The paper also deploys the self executing smart contracts to allow investors to lend money to borrowers on pre-determined terms and conditions. In addition, a smart compensation management contract has been deployed to repay the outstanding amount to lender if the borrower has charged off.
Distributed Ledger Technologies provide a mechanism to achieve ordering among transactions that are scattered on multiple participants with no prerequisite trust relations. This mechanism is essentially based on the idea of new transactions referencing older ones in a chain structure. Recently, DAG-type Distributed Ledgers that are based on directed acyclic graphs (DAGs) were proposed to increase the system scalability through sacrificing the total order of transactions. In this paper, we develop a mathematical model to study the process that governs the addition of new transactions to the DAG-type Distributed Ledger. We propose a simple model for DAG-type Distributed Ledgers that are obtained from a recursive Young-age Preferential Attachment scheme, i.e. new connections are made preferably to transactions that have not been in the system for very long. We determine the asymptotic degree structure of the resulting graph and show that a forward component of linear size arises if the edge density is chosen sufficiently large in relation to the `young-age preference' that tunes how quickly old transactions become unattractive.
With the development of ecommerce and digital technologies, we have witnessed a boom of platform operations. Amid their strong growth prospects, it is observed that platforms have created controversial issues and challenges, which could be potentially solved by the combination of blockchain features. More and more studies exploring the implementation of blockchain in platform operations have appeared in recent years. In this paper, motivated by the industrial practices of different types of product selling and service platforms, we first conduct a holistic literature review of the most representative papers relevant to platform operations. Examining the value of different blockchain features in operations management field, we further review the related works on platform operations with blockchain technologies. Afterwards, we analyse the innovative applications and challenges in platforms such as physical and virtual product selling platforms, rental/sharing and on-demand service platforms. A future research agenda is established which lays the solid foundation for further studies on platform operations in the blockchain era.
This chapter discuss the legality of smart contract in a decentralized autonomous organization (DAO). The regulation framework of blockchain is developing rapidly with many countries such as Malta and Estonia utilizing and allowing the use of blockchain. While many researchers have discussed the legality of smart contract, its relation to DAO as one of blockchain's applications is rarely discussed. There are three issues discussed in this chapter: the definition of DAO, the definition of smart contract, and the legality of smart contract in DAO. Each country has their own legal threshold of a contract's legality, but there are generally five elements in a legal contract, namely offer and acceptance, consideration, intention, certainty, and completeness. It is possible for the smart contract to fulfil the five legal elements of a contract. As there are different regulations in different countries, there may have been different elements to the law. In conclusion, the legality of smart contracts, like blockchain itself, depends on who uses it, where it is used, and how it is used.